70% increase in number of people helped by Insolvency Service of Ireland

The ISI received 2,028 applications in 2015

70% increase in number of people helped by Insolvency Service of Ireland

File photo of Euro notes and coins | Image: Niall Carson / PA Wire/Press Association Images

A new report has found almost 2,000 debtors were helped by the Insolvency Service of Ireland (ISI) last year.

That figure is an increase of 70% on the numbers helped in 2014.

The ISI says it helped return them to solvency and secure permanent debt solutions.

During 2015, the ISI received 2,028 applications, 1,371 protective certificates were issued, and almost 1,700 permanent solutions for debtors were put in place.

The ISI was established in March 2013 under the Personal Insolvency Act.

Its annual report also highlights progress made in a number of key areas.

During 2015, the debt threshold for a Debt Relief Notice (DRN) eligibility increased from €20,000 to €35,000.

This allows people on low income and with few assets to have debts up to €35,000 written-off after a three year period.

While the Bankruptcy Amendment Act 2015, which was signed into law, reduces the normal duration of bankruptcy from three years to one year.

The Tánaiste and Justice Minister Frances Fitzgerald has welcomed the publication.